Regarding personal loan

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I have taken a unsecured loan from my friend, but my consultant told that you can not take unsecured loan from any person except family relatives. It is a guidelines issued by RBI.

Is it right or wrong, please clarify me its urgent.

 

Replies (1)

You can take an unsecured loan from a friend. But it should be received and repaid by a/c payee cheques, if the amount any any time exceeds Rs 20000/-


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